Gross Income
You work 10 hours this pay period. Your hourly wage is $15 an hour. What is your gross income?
$150.00
Your gross income is $1,500 for your last pay period. You had $57.65 taken out for deductions, what is your net income
$1,442.35
What is gross income?
The total amount of money a person earns from working before taxes or deductions are taken out.
What is payroll tax?
Taxes that are paid by the employer
How do you balance a budget?
Add all income. Add all expenses. Then subtract the two. If expenses are greater, then you have to adjust your expenses or earn more money.
Your hourly rate is $17.43. You worked 48 hours this pay period. What is your gross income?
$836.64
Your gross income is $1,200 for your last pay period. You had deduction of $240 for payroll tax. What is your net income?
$960.00
What is a balanced budget?
When income and expenses are equal.
What is income tax?
money that is paid to the government out of a person's income
How can you figure out the net income?
Gross Income - Deductions = Net Income
You work 40 hours a week. Your hourly rate is $22.60. what is your gross income for the month?
$3,616.00
David’s monthly gross income is $7350. 1837.50 is withheld each month for deductions. What is David’s net income?
$5,512.50
What is net income?
The total amount of money a person gets paid in their paycheck. (After taxes)
What is sales tax?
tax on everything you buy, such as clothing, food, and books.
How can you figure out the gross income?
Hourly wage x Hours worked = Gross Income
or
Add all taxes to the net income to = gross income
Jack’s hourly rate is $25.75. he worked 76 hours his last pay period. Jill’s hourly rate is 38.90 and she worked 52 hours her last pay period. What was their gross income altogether?
$3,979.80
Your gross income for this pay period $1,475.00. You have the following deductions $180, $340, and $74. What is your net income?
$881.00
What are fixed expenses?
Expenses that stay the same each month such as rent and car payments.
What is property tax?
the tax you pay on property if you own a house.
Name 2 ways to balance a budget where the expenses are greater than the income.
1. Work more hours
2. Spend less money on entertainment or things that you don't need
Jack’s hourly rate is $25.75. he worked 76 hours his last pay period. Jill’s hourly rate is 38.90 and she worked 52 hours her last pay period. What was their gross income and whose is higher?
Jack $1,957.00 Jill $2,022.80 Jill's is higher
You earn a gross income of $67,200. If your deductions are $24,780, what will your net income be?
$42,420
What is income?
The amount of money that you earn.
What kind of tax is paid when someone buys good or services?
Sales Tax
Colby created a 4 week budget plan. He usually earns $20.00 each week by mowing lawns for his family and neighbors. If Colby is sick one week and can't earn the $20.00, how much will he earn for his 4 week plan?
$60.00